New Issue: Morgan Stanley prices $433,000 buffered PLUS linked to S&P 500

By William Gullotti

Buffalo, N.Y., May 26 – Morgan Stanley Finance LLC priced $433,000 of 0% buffered Performance Leveraged Upside Securities due May 4, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is positive, the payout at maturity will be par plus 200% of the index return, capped at $1,135 per security. Investors will receive par if the index declines by 10% or less and will lose 1% for every 1% that it declines beyond the 10% buffer.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Buffered Performance Leveraged Upside Securities
Underlying index:	S&P 500
Amount:	$433,000
Maturity:	May 4, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	If index return is positive, par plus 200% of index return, capped at $1,135 per security; par if index declines by 10% or less; 1% loss for every 1% the index declines beyond 10% buffer
Initial level:	4,181.17
Buffer level:	3,763.053 or 90% of initial level
Pricing date:	April 30
Settlement date:	May 5
Agent:	Morgan Stanley & Co. LLC
Fees:	0.6%
Cusip:	61771VPH7

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